Lower middle market private equity firm
New Harbor Capital
- HeadquartersChicago, IL S3
- Websitenewharborcap.com
- Last verifiedOctober 22, 2026
At a glance
| Latest fund | New Harbor Capital Fund III, $362M (Feb 2021) S6 |
|---|---|
| EBITDA range | $2M to $15M S2 |
| Check size | $10M to $40M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Sectors | Healthcare Services, Education, Accounting & Professional Services, Veterinary, HVAC, Plumbing & Electrical |
What New Harbor Capital buys
New Harbor Capital is a Chicago private equity firm that partners with founder-owned, lower middle market companies in three areas. In healthcare it backs provider groups such as physical therapy and procedure-based practices, medical aesthetics and wellness, pharma services and clinical trial sites, and home health and post-acute care. In education it covers K-12, test prep, skills training and credentialing. Its tech-enabled services area includes outsourced business and technology services and property services such as HVAC, plumbing and electrical.
It prefers companies with $2 million to $15 million of EBITDA and invests $10 million to $40 million of equity per platform, alongside sellers and managers who keep a meaningful stake. Most deals are growth buyouts or recapitalizations with majority control, with select minority deals. Its latest announced fund, the $362 million Fund III, closed in 2021. A single practice or small company is most likely to meet New Harbor as an add-on, as MD Esthetics and Access Infusion Care have done several times since 2025.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Four medical aesthetics practices (not named)Four add-ons in the first half of 2026 took MD Esthetics from 12 to 35 locations and into Pennsylvania and Vermont | Add-on | Healthcare Services | Source |
| May 2026 | Infusion Solutions of DelawarePhysician-led rheumatology and infusion practice added to Access Infusion Care; its third add-on | Add-on | Healthcare Services | Source |
| Dec 2025 | Louisville Metabolic and Atherosclerosis Research Center (L-MARC)Kentucky clinical trial site added to Monroe Biomedical Research | Add-on | Healthcare Services | Source |
| Oct 2025 | Health Care Medical Infusion SpecialtiesMississippi home and ambulatory infusion provider added to Access Infusion Care | Add-on | Healthcare Services | Source |
| Jul 2025 | Joli Medical SpaMassachusetts med spa added to MD Esthetics; the founder joins the platform | Add-on | Healthcare Services | Source |
| Jun 2025 | MD EstheticsNew platform for its medical aesthetics and wellness thesis, with 12 clinics in three states at closing | Platform | Healthcare Services | Source |
| Jan 2025 | Fix-It GroupResidential HVAC, plumbing and electrical platform sold to Two Parks Capital after eight acquisitions | Exit | HVAC, Plumbing & Electrical | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services
- Escalon Services
Education
- Blueprint Prep
- MindPlay Education
Healthcare
- Access Infusion Care
- Bloom Health Centers
- Desert Spine and Sports Physicians
- FoodPharma
- FYZICAL Therapy & Balance Centers
- IndeVets
- LGM Pharma
- MD Esthetics
- Monroe Biomedical Research
- Premier ENT & Allergy
- Respire Homecare Services
Past investments: Fix-It Group
Greymont’s take
How New Harbor Capital fits a seller
New Harbor suits the founder of a healthcare, education or business services company with a few million dollars of EBITDA who wants a growth partner rather than a clean exit and plans to keep a meaningful stake. One CEO quoted on its home page says an owner who only wants to cash out is probably not a fit. The firm builds platforms through add-ons: MD Esthetics grew from 12 to 35 locations within about a year of the June 2025 investment, and Access Infusion Care has added three providers. Owners of a single clinic or practice are most likely to join one of these platforms.
Recent exits include Fix-It Group, sold to Two Parks Capital in January 2025. An owner rolling equity should ask how long New Harbor expects to hold the platform and how its Executive Advisors, former CEOs who also invest in its funds, would work with the business.
Questions owners ask
What size company does New Harbor Capital invest in?
Its preferred range is scalable companies with $2 million to $15 million of EBITDA. It targets $10 million to $40 million of its own equity per deal, with sellers, management and co-investors also investing, and says it will consider other sizes case by case.
Does New Harbor buy HVAC, plumbing or other home service companies?
Its tech-enabled services focus lists property services including HVAC, electrical and plumbing, garage doors, fire and life safety, and pest control. It built Fix-It Group, a residential HVAC, plumbing and electrical platform, through eight acquisitions and sold it to Two Parks Capital in January 2025.
Will New Harbor take a minority stake?
Usually it takes majority control through growth buyouts and recapitalizations alongside founders and management. Its criteria page says it also does select minority and other customized structures when the opportunity fits.
Does New Harbor invest in medical practices?
Yes. Provider services is a core healthcare focus. Current holdings include Desert Spine and Sports Physicians in Phoenix, Premier ENT & Allergy in Central Florida, Bloom Health Centers in the Mid-Atlantic, and MD Esthetics, which has been adding aesthetics practices across the Northeast since 2025.
Sources
- S1New Harbor Capital home page Accessed October 22, 2026
- S2New Harbor Capital: Investment Criteria (size and deal types) Accessed October 22, 2026
- S3New Harbor Capital: Who We Are Accessed October 22, 2026
- S4New Harbor Capital: Current Investments Accessed October 22, 2026
- S5New Harbor Capital: Former Investments Accessed October 22, 2026
- S6New Harbor Capital Completes First and Final Closing of Third Fund (posted February 2, 2021) Accessed October 22, 2026
- S7New Harbor Capital: Technology-Enabled Services focus areas Accessed October 22, 2026
- S8New Harbor Capital: Healthcare focus areas Accessed October 22, 2026
- S9New Harbor Capital: Education focus areas Accessed October 22, 2026
- S10New Harbor Capital: Our Approach Accessed October 22, 2026
- S11New Harbor Capital Portfolio Company MD Esthetics Completes Four Acquisitions (posted September 16, 2026) Accessed October 22, 2026
- S12New Harbor Capital Announces Sale of Fix-It Group (posted January 23, 2025) Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with New Harbor Capital. Figures are as reported on the dates shown and may have changed. Request a correction